Total Outre Mer (SA) through its brokers, Strategic African Securities (SAS), on Monday submitted documents needed by the Securities and Exchange Commission (SEC) for the approval of the share offer to minority shareholders of Mobil Ghana Limited, therefore paving the way for the takeover of Mobil Ghana Limited.

SEC had blamed Total for delaying the process of approval of the transaction because they failed to present documents needed for the approval to be made. SEC disclosed that it had wanted a portion of the agreement the two companies had signed in the in the United Kingdom (UK).

Total Outre Mer (SA) through its brokers, Strategic African Securities (SAS), on Monday submitted documents needed by the Securities and Exchange Commission (SEC) for the approval of the According to SEC, the agreement between Mobil Holdings (UK) and Total Outre Mer (SA) to purchase Mobil Holding (UK)'s 60% stake in Mobil Oil Ghana Ltd on the floor of the Ghana Stock Exchange was a done deal but had to approve the offer to minority shareholders because it is their duty to protect investors to make sure they are not cheated.

On that basis, SEC requested Total and its broker to furnish SEC with the agreement the two companies had signed in the UK to make sure they conform with SEC's regulations before approval is given.

Total acquired, on the floor of the Ghana Stock Exchange, two million eight hundred and thirty five thousand (2,835,000) shares. The deal is worth over ¢146 billion.

However, in accordance with the GSE rules on Take-Overs and Mergers, Total Outre Mer (SA) will make a tender offer to all remaining shareholders of Mobil Oil Ghana Ltd, which has to be approved by SEC.

Total announced a few months ago that it would buy ExxonMobil's Downstream Interests in 14 African Countries.

Total then signed Sale and Purchase agreements to acquire the shares in ExxonMobil companies operating fuels and lubricants businesses in 14 African countries.

The transaction remains subject to any necessary approval of the relevant authorities in each country and until such approval is granted, the two companies will continue to operate as competitors.

The agreement includes ExxonMobil's marketing motor fuels, lubricants, aviation and marine petroleum products in Chad, Djibouti, Ethiopia, Eritrea, Ghana, Guinea, Liberia, Malawi, Mauritius, Mozambique, Sierra Leone, Togo, Zambia and Zimbabwe.

This acquisition represents a network of around 500 service stations and 29 terminals and depots.

With a presence in more than 40 countries, Total's downstream activities in Africa before this acquisition included an interest in seven refineries, a network of around 3,300 service stations as well as petroleum products such as lubricants, aviation fuel and liquefied petroleum gas (LPG).